Around since 1968 and headquartered in Batavia, New York, Graham Corporation has extended its roots around the globe. With the company’s acquisition of Barber-Nichols and P3 Technologies, it’s renewing itself while retaining its heritage of producing highly engineered products and expanding aftermarket and service opportunities. Barber-Nichols produces mission-critical turbomachinery solutions, such as oxygen fans and thermal loop pumps for spacesuits. Experts in propulsion systems, P3 Technologies specializes in propulsion, pumps, and power. Graham Corporation services the aerospace, cryogenics, defense, and energy industries.
Business Challenges
Graham Corporation had been burdened with time-consuming and inefficient financial consolidation and close processes that relied on several Microsoft Excel workbooks. Not only was this workstream manually intensive, but it also lacked the necessary reporting and analysis capabilities to provide accurate data output. With several recent acquisitions, Graham needed to standardize their close, reporting, and analysis processes to seamlessly align and bring on new entities.
Approach
To ensure a successful transition, Peloton Consulting Group worked with Graham Corporation’s leadership to implement a best-in-class Oracle Cloud EPM across the organization. This innovative solution reduced the timeline of the financial close process and provided more valuable analytics for reporting. Graham leveraged clear, end-to-end processes with defined workflows and real-time visibility into the consolidation process, freeing up staff from having to manually intervene.
Business Impact
The integration of Oracle Cloud EPM benefitted Graham Corporation in several ways. From a financial consolidation and close perspective, Graham reduced the overall timeline of the financial close process, allowing them time to create more high-value analytics and reports. Visibility and transparency skyrocketed. With defined workflows and clear requirements, leadership had a real-time view into the consolidation process. Finally, staff was no longer having to intervene in a manual process thanks to automated processes, including auto-reconciliation and prebuilt reporting capabilities.
Summary
Graham Corporation faced challenges with inefficient, manual financial consolidation and close processes using Excel, which lacked strong reporting and analysis capabilities, issues that became more urgent after several acquisitions. To address this challenge, Peloton Consulting Group helped implement Oracle Cloud EPM, streamlining and automating processes, introducing real-time visibility, and reducing the close timeline. As a result, Graham improved efficiency, gained valuable analytics, and scaled operations by eliminating manual intervention, allowing staff to focus on strategic tasks.
